7 votes

Stripe launches L1 blockchain: Tempo

5 comments

  1. Eji1700
    Link
    On the one hand, the website is less than useless. On the other, I do think payment processors, accounting, and things like that are where blockchain/crypto makes a lot of sense. I skimmed some...

    On the one hand, the website is less than useless.

    On the other, I do think payment processors, accounting, and things like that are where blockchain/crypto makes a lot of sense. I skimmed some comment from the HN topic on this subject about how it might allow them to make a LOT of interest on the money they transfer (feel like the number was 1.8b), but I also sorta mentally filed it all away to look at later and lost interest.

    As always time will tell, but if any of this stuff is going to have a net use(beyond very niche needs), this is the use case.

    4 votes
  2. [3]
    knocklessmonster
    Link
    That's wild in a world where payment processors also face pressure for people's transactions. Perhaps this could help establish the alternative practice/mainstreaming of crypto as a payment...

    That's wild in a world where payment processors also face pressure for people's transactions. Perhaps this could help establish the alternative practice/mainstreaming of crypto as a payment method.

    I use a site that accepts crypto and was blocked by PayPal after the recent kerffufle and wound up using Coinbase to buy the approprate amount of USDC and found it to be a pretty straightforward process.

    The question for me, sorta, is how can this shift power from credit card companies? Would there be a ban on Stripe from MasterCard if I can get StripeUSD and do things MC doesn't like? That would largely affect the benefits of this.

    4 votes
    1. [2]
      Eji1700
      Link Parent
      If it does it'll be a Kodak sort of thing where them not jumping on it is through hubris. I suspect the more likely outcome is credit cards start adopting crypto to make sure they can...

      The question for me, sorta, is how can this shift power from credit card companies? Would there be a ban on Stripe from MasterCard if I can get StripeUSD and do things MC doesn't like? That would largely affect the benefits of this.

      If it does it'll be a Kodak sort of thing where them not jumping on it is through hubris. I suspect the more likely outcome is credit cards start adopting crypto to make sure they can control/benefit from the environment, and they've already got the infrastructure to handle it. That's assuming a valid profitable use case is found. Unlike digital photography it's obviously not as certain.

      2 votes
      1. knocklessmonster
        Link Parent
        I know Paypal is already in on it (PYUSD?), VISA is also getting into it. I also work for a company that also does tax and accounting, and we're seeing some small interest in crypto at least...

        credit cards start adopting crypto to make sure they can control/benefit from the environment, and they've already got the infrastructure to handle it.

        I know Paypal is already in on it (PYUSD?), VISA is also getting into it. I also work for a company that also does tax and accounting, and we're seeing some small interest in crypto at least across finance (smaller firm, smaller clients, but still it's already hitting at higher levels).

        I am curious about how this would work though if I can use my MasterCard debit card to buy crypto on Coinbase to then use on stuff that MC disapproves of, but I think the abstraction at Coinbase, for example, would give MC deniability at least when it comes to these sorts of policies.

        2 votes
  3. skybrian
    Link
    Claims made on Twitter by the Tempo project lead: ...

    Claims made on Twitter by the Tempo project lead:

    Tempo will be a permissionless chain. On day 1, anyone will be able to deploy a token, and anyone will be able to transact on the chain. Some projects think that attracting real-world usage and serious institutions requires giving up on base layer neutrality. We do not think that, and that's not how we're building Tempo.

    The plan for Tempo is to have permissionless validation and permissionless smart contract deployment as well as permissionless usage: just like Bitcoin, Ethereum, Solana, etc. We’ll start with a permissioned validator set to get going and decentralize further from there.

    ...

    At a technical level, we are prioritizing attributes like fast finality (L2s are generally only as final as the underlying L1), multiple validators (vs. single sequencer), and custom transaction lanes and gas pricing. Some of these are technically possible for an L2, but could be complex, slow to implement, and/or introduce many external dependencies. Tempo is stablecoin-focused, so interoperability through native issuance is more relevant to us than the native bridge to Ethereum that L2s have.